Timbercreek Financial Secures $510 Million Revolving Credit Facility
08 Fevereiro 2024 - 7:00PM
Timbercreek Financial Corp. (TSX: TF) (“
Timbercreek
Financial” or the “
Company”) is pleased
to announce that on February 8, 2024, the Company entered into a
third amended and restated credit agreement (the “
New
Credit Agreement”) with a syndicate of 9 lenders for
revolving credit facilities in an aggregate amount of $510 million
(which includes a $20 million swingline facility).
Under the New Credit Agreement, Timbercreek Financial is
permitted to borrow up to $510 million on a revolving basis,
subject to its borrowing base as set out in the New Credit
Agreement. The commitments of the lenders under the revolving
credit facility may be increased by $100 million by way of an
accordion feature, subject to satisfaction of certain conditions
set forth in the New Credit Agreement. The term of the New Credit
Agreement is two years, maturing on February 8, 2026. The
Toronto-Dominion Bank will continue to act as sole lead arranger,
sole book-runner and administration agent under the New Credit
Agreement.
Proceeds from the revolving credit facilities under the New
Credit Agreement will be used for general corporate purposes and
may be utilized to fund net mortgage investments or future
acquisitions. The $100 million accordion feature is expected to
provide Timbercreek Financial with additional flexibility to access
funding in the future for other corporate activities without the
carrying cost of paying standby commitment fees.
About Timbercreek Financial
Timbercreek Financial is a leading non-bank, commercial real
estate lender providing shorter-duration, structured financing
solutions to commercial real estate investors. Our sophisticated,
service-oriented approach allows us to meet the needs of borrowers,
including faster execution and more flexible terms that are not
typically provided by Canadian financial institutions. By employing
thorough underwriting, active management and strong governance, we
are able to meet these needs while targeting strong risk-adjusted
returns for investors.
Disclaimers
This news release may contain "forward looking statements"
within the meaning of that phrase under Canadian securities laws,
including, but not limited to, the proposed use of proceeds from
the credit facilities under the New Credit Agreement. When used in
this news release, the words “may”, “would”, “should”, “could”,
“will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”,
“expect”, “objective” and similar expressions may be used to
identify forward looking statements. By their nature, forward
looking statements reflect the Company's current views, beliefs,
assumptions and intentions and are subject to certain risks and
uncertainties, known and unknown, including, without limitation,
those risks disclosed in the Company's public filings. Many factors
could cause actual results, performance or achievements to be
materially different from any future results, performance or
achievements that may be expressed or implied by these forward
looking statements. The Company does not intend to nor assumes any
obligation to update these forward looking statements whether as a
result of new information, plans, events or otherwise, unless
required by law.
CONTACT: Timbercreek Financial Blair Tamblyn
Chief Executive Officer
btamblyn@timbercreek.comwww.timbercreekfinancial.com
Timbercreek Financial (TSX:TF)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Timbercreek Financial (TSX:TF)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024